Annual report for ML 22934 Groundrush for the year to 13 September 2003

Abstract

ML 22934 was granted to Normandy NFM, now Newmont Tanami Pty. Ltd., on 14 September 2001 and mining in the Groundrush Openpit began on the 15 September 2001. During the current reporting year approximately 1,325,000 tonnes of ore was mined at a grade of 4.4g/t Au, for a total of approximately 2,772,000 tonnes at a grade of 4.2g/t Au since mining commenced on 15 September 2001. The Groundrush Mine is an integral component of Newmont Mining?s Tanami Operations, which also include mining operations at Dead Bullock Soak (MLS 154) and The Granites (MLS 8). Ore from Groundrush is trucked approximately 40km to the Tanami Mill, where approximately 1,300,000 tonnes of ore at a grade of 4.2g/t Au was milled. Exploration at Groundrush began in 1998 and potentially economic mineralisation was discovered the same year. Prior to the granting of the mineral lease 49,297m of RAB drilling, 23,809m of RC drilling and 4,331m of core drilling had been undertaken. In the first year of tenure a further 7,545m of RC drilling and 2,779m of core drilling were completed (76 RC and diamond holes). The majority of this drilling was focused on direct extensions of the known resource and successfully increased the resource base in the southern and central deep areas of the pit. In the year to 13 September 2003, covered by this report, exploration has continued at a similar level with 5079m of RC drilling and 3735m of core drilling completed, for a total of 8814m (29 RC holes and 15 diamond holes). Thirteen deep diamond holes were drilled on three separate sections to explore for possible deeper extensions of the mineralisation. Most of the RC drilling focused on the area immediately south of the existing resource, the Ripcord area and the IP3 target northeast of the pit. This report details the individual drilling programs and the results. It also summarises exploration expenditure and planned exploration for the next year.